Updated over 3 years ago on . Most recent reply
Moving a vacation home into an LLC
Closing with 10% down on a vacation home that we plan to use as STR. Any brilliant work around to avoid lender claiming Due on transfer clause so we can get it into an LLC? Not doing the 20% down so just trying to decide if to ask for forgiveness later or ??? Cannot leave this in our personal portfolio for obvious liability reasons. Please offer me your seasoned advice and thank you in advance.
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John Underwood
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
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#1 Short-Term & Vacation Rental Discussions Contributor
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The bank owns 90% of your property no attorney is going to take a contingency law suit against you. Plus you have insurance.
No need to move into an LLC.
Get an umbrella policy if your worried.